The benchmark BSE Sensex and NSE Nifty continued their firm trade in the late afternoon session on account of buying in frontline blue chip counters and taking cues from Asian counterparts.

After a volatile session, BSE Sensex closed 135.68 points up at 27780.83 while NSE Nifty gained 50.10 pts at 8370.10.

The Securities and Exchange Board of India (Sebi) today raised a red flag over distribution practices governing the mutual fund industry.

Speaking at the CII's Mutual Fund Summit in Mumbai, Sebi Chairman UK Sinha cited a survey of 25 jurisdictions. He said distributor commissions were over 2% in four of them and India was in the group of countries which had higher commissions.

Mahindra and Mahindra has set up an Africa-focused business unit as it looks to maintain double-digit growth levels in the continent, the company said on Tuesday.

With an active presence in 20 African countries, Mahindra and Mahindra hopes the aggressive expansion will help spur a 10-fold increase in business over the next five to seven years.

Shareholders on Monday gave approval to Kotak Mahindra Bank's proposal for issuance of bonus shares.

The annual general meeting held on Monday approved issuance of “bonus shares in the proportion of one equity share for every equity share of face value Rs 5 held by such person on the record date,” Kotak Mahindra Bank said in a filing to the BSE.

State Bank of India (SBI) is taking steps to clamp on bad loans that include web-based tracking of assets and “regular calls” to stressed accounts in the retail as well as real estate segments, Arundhati Bhattacharya, chairman of the country's largest lender, has said.

In addition, the bank has initiated “dynamic credit rating” review of borrowal accounts to capture deterioration in credit quality promptly and initiate corrective action and facilitate correct pricing of risk, she said in a message to shareholders ahead of the bank's July 2 annual general meeting.

The country’s largest private sector lender ICICI Bank, on Monday said it sees no impact of the Greek debt crisis on the bank as it had no exposure to Europe.

“We have no exposure in Europe and not made any finances to the companies there. So, the question of a Greek debt crisis impacting the bank, does not arise,” the bank’s managing director and chief executive Chanda Kochhar told reporters on the sidelines of its 21st Annual General Meeting. The situation might prompt Greece’s European partners to shut the door on extending a credit lifeline after the country’s surprise move to hold a referendum on bailout terms.

Wipro, India's third-largest IT services company, plans to harness opportunities in the technology space with a series of initiatives. In a letter to the shareholders in the company's annual report for 2014-15, Wipro Chief Executive Officer T K Kurien said the company would tap these opportunities backed by its twin themes - 'Run', which is about turbocharging the existing business, and 'Change', which focuses on preparing for the future. "We believe the twin themes will allow us to support our customer needs better and create a sustainable growth engine for ourselves," he said.

Telecom operator Reliance Communications (RCom) is in talks with American Tower Company (ATC) and Carlyle to sell a majority stake in its tower subsidiary Reliance Infratel in the current financial year.

In a clarification to BSE exchange over a media report that said ATC and Carlyle lead race for a majority stake in Reliance Infratel, RCom said, "The company has started a process to monetise the valuable tower and fibre assets held in its subsidiary, Reliance Infratel, within the current financial year."

After CEO Dick Costolo stepped down earlier this month, now Twitter’s VP of corporate development and strategy, Rishi Garg is leaving the company. Garg, who led the company’s M&A team, joined Twitter in May 2014, and before that he worked at Square as a head of corporate development. Square was founded by Twitter co-founder Jack Dorsey, who is incidentally now serving as the interim CEO of Twitter after Costolo’s resignation.

Shares of oil marketing companies (OMCs) were trading higher on the bourses in an otherwise weak market as oil prices fell on fears of a Greek debt default.

Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation (IOC) were up 1%-2% on the BSE compared to a 1.7% decline in the S&P BSE Sensex at 0939 hours.

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